USD/CAD decreased to the area of Fibo correction of 61.8, and retraced thereafter.
Earlier on a daily chart the currency pair formed a candlestick Long Shadows, which is signaling the declining movement, and it was confirmed later.
This candlestick is developed on a rising trend after the currency pair had reached the maximum at 1.0673, where the bulls did not manage to strengthen and the bears took over.
The descending advance is also confirmed by that this candlestick has formed next to a very powerful resistance level at 1.0680, which USD/CAD cannot break through since June 2010.
Moreover, the Fibo correctional level 23.6 was successfully punctured thus confirming the viewpoint. The fact of breaking the 1.0470 level means that the pair has targeted to 1.0245.
On the other hand, if the resistance level 1.0470 if penetrated, the short positions should be closed as it will bring to the uprise to the area of 1.0680 with the following aim of 1.0900.